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    10 Steps To Buying A Home With Team Beltran

    u found your DREAM home. You put in an offer. Now what??

    We hear about buyers who get EXCITED to write an offer….then feel unsure of what comes next. In our experience working with buyers, here’s the best way to describe the rest of the home buying process.

    1. You counter back and forth until there’s an accepted agreement with the seller (you need to be available to your agent for signatures and counter offer details.). This counter process can be fast, or take up to a week, depending on how many details you need to hammer out with the sellers (sometimes they counter small details like close date or earnest money, sometimes big like purchase price. And if it’s a bank, sometimes this takes even longer. For details on “Buying a Short Sale,” stay tuned for another blog post.)

    2. After you have a mutually accepted offer, in Oregon you have 3 business days to turn in your earnest money check to escrow (typically your agent will get the address of the office for you, which Title and Escrow office is used is often the seller’s choice).

    3. Now its time to call to order your home inspection (if you choose). For the Portland Oregon area, we like to suggest Simon Holmes of WIN Tigard (sholmes@wini.com and 503-624-7970). He’s really thorough and very fair priced, but you can hire anyone you choose. You can also skip the home inspection altogether, but we never suggest doing that. You will need to anticipate a few days to schedule your inspection, be sure to keep your agent in the loop, so someone can be at the home to give the inspector access. One of you should plan to be there at the inspection, for the full report from your inspector. The inspection takes about 3-4 hrs. Most inspectors will go into any crawlspace, attic, etc. Inspect the exterior and all interior, run dishwasher, check fireplace etc. You’ll need to pay your inspector at the time of the inspection (be sure to ask for the rate beforehand, these can cost anywhere from $300-$500 for a full-home inspection, wells/roofs/outbuildings will cost more). Typically you and your agent receive a copy of the written report, which takes about 24 hours to receive, sometimes less.

    4. Next it’s time to receive the disclosures from the sellers. Read these! This is where you find out what the sellers already know about the property. It is critical to read these thoroughly and ask your agent questions if you do not understand.

    This will take you through about ten-12 days.

    5. Then you will ask for any repairs to be completed that you want done before closing. Most sellers and buyers also counter this “Repair Addendum” back and forth (this is the time you can address cleaning gutters, repairing siding issue, fixing any leaky faucets etc. It is typically  not the place for “cosmetic fixes”).

    6. Now it’s time for you to sit tight and wait for title to pull your title report on the property and wait for lenders to draw up documents and get the $$ situated (keep in close contact with your lender, so if he/she needs more time, your agent will know ASAP so he/she can ask for more time….OR if your lender needs more documentation, this allows you enough time to get these to him/her).

    7. You get the title report. Please READ the title report, and ask any questions of the title/escrow officer then. You and your agent will be in close contact with the title/escrow officer and his/her team.

    8. Your lender will get your loan docs to the escrow office (unless it’s an all cash deal, then it’s time for you to bring in your funds or have your 1031 exchange company set up the wire transfer. For more details, stay tuned for our blog post on “Doing a 1031 Exchange.”) Escrow and Title company will then take around 24-48 hours to “work up the docs” on their end.

    9. Finally, your escrow officer will contact you to sign loan docs and the rest of your documentation, and you will wait for the bank to fund. After this, the deed will record at the county (this typically is about 24-48 hours after you sign). Once the loan funds and the house records at the county, then the house is yours!

    10. Your agent brings you your keys to your new home!

    Did you know there were so many steps to buying a home? Officially, including every lender/agent/escrow officer involved, there are around 350+  steps….and we’re there for our clients for each one!

    Questions? Call Jaimy at 503.502.3330.

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